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In the year someone was thrown into this world, perhaps because of the turmoil of time and space, the US stock market crash at the end of '87 was even more tragic than that Black Monday in history.

That year, within 12 hours, the United States lost $8ooo US dollars, accounting for 12% of the annual GDP of the United States that year, setting the largest historical decline since the establishment of the US stock market.

While Liang Yuan and the newborn Yuanjia were tossing fertilizer on the Sino-Soviet border, a Chinese consortium headed by Li Ka-shing had already begun negotiations with Jardine Matheson on the transfer of Hong Kong Land.

At that time, Simon Kaisark, the head of the Jardine Matheson family, who pursued the policy of "making profits in Hong Kong and expanding overseas", was vigorously developing the non-Hong Kong island business of Jardine Matheson, and the petrochemical industry in the Middle East, the mining industry in South Africa, the sugar industry in the United States, and the hotel business in Southeast Asia all needed a large cash injection from Jardine Matheson.

Since the parent company of Jardine Matheson has successfully relocated overseas, the Kaiser family, which is determined to withdraw from Hong Kong, has a series of restructuring and spin-offs in early '87 to greatly weaken the control of the parent company of Jardine Matheson over Hong Kong Land, and put the Hongkong Group in front of the Chinese business consortium that has grown up, intending to sell the land at a good price, so that the capital can fly away.

It is a pity that the tragic U.S. stock market crash in '87 shattered the calculation of Jardine Matheson and Hong Kong's local consortium.

Affected by the United States Black Monday on January 19, the Hong Kong Hang Seng Index plummeted by more than 42o points on the same day, and reopened on the 26th after the Hong Kong stock market was forced to suspend the market for many days. Hongkong Land's stock fell by 40% in half a month, and its market value surged by HK$10 billion.

At that time, the Hong Kong business community was terrified that the end of the world was coming, and all Hong Kong listed companies crossed the river, and it was difficult to protect themselves. Li Ka-shing, who led the acquisition of Hongkong Land, was too busy to take care of himself, embezzled the funds originally used to acquire Hongkong Land, and launched a large-scale rescue of 10 billion Hong Kong dollars.

The stock market crash of '87 was similar to a tropical storm, menacing and going very quickly. At the end of the year. Hong Kong's Hang Seng Index, which has hit rock bottom, has begun to rise, and Hong Kong's real estate market has gradually recovered as banks have lowered lending rates and injected funds into major consortia on Hong Kong Island.

Eighty-eight years later, Li Ka-shing brought up the old story again, and at the end of April, he visited Simon Kaisark, the head of Jardine Matheson. When the negotiation price between the two sides was approaching, Liang Yuan intervened in the Nansha dispute of the Republic and kicked the original history into a fork in the road.

In order to cooperate with someone's negotiations, the Republic of China even test-fired an intercontinental missile, which caused Hong Kong to be shocked three times a day, and the Hang Seng Index went up and down like a roller coaster.

In the short period of half a year in Nansha during Ninglei's World War II, the market value of Hongkong Land has no objective changes. It simply cannot be used as a reference for acquisition efforts.

After Ninglei's first battle in Nansha, the market value of Hongkong Land fell to HK$7 billion due to the Soviet Union's announcement of a new arms aid to Vietnam.

When Ning Lei finished the fulcrum operation and completely annihilated all the main forces of the Vietnamese Air Force, and the arms promised by the Soviet Union were still circling around the major offices in Moscow, the Hong Kong stock market soared, and the market value of Hongkong Land soared to more than 20 billion Hong Kong dollars.

Faced with this situation, Li Ka-shing's acquisition negotiations are destined to end in tragedy, with the Chinese consortium insisting on Hongkong Land's low valuation and Jardine Matheson's insistence on Hongkong Land's high valuation. With no one on both sides backing down, Li Ka-shing initiated a compulsory takeover, intending to forcibly acquire Hongkong Land at a price of $12 per share.

The Caesar family, which controls Hongkong Land, has a psychological price of about 17 yuan per share for the sale of Hongkong Land, so it is natural that they cannot sit idly by in the face of this situation.

Jardine Matheson Holdings and Jardine Matheson Strategy are the core enterprises of Jardine Matheson companies listed in Hong Kong. Jardine Matheson Holdings and Jardine Matheson Strategy hold mutual shares, with Jardine Holding holding 19% of the equity of Jardine and 26% of Jardine Holdings. Jardine Matheson Holdings and Jardine Matheson Strategy control 11% and 15% of Hongkong Land respectively, and 9% and 27% of Dairy International respectively. Jardine Matheson Strategic controls 35% Mandarin Oriental.

This cross-control method of Jardine Matheson enables the management of Jardine Matheson to control the board of directors of major listed companies with a small amount of equity and prevent hostile takeovers by third parties.

After several rounds of back and forth, the Chinese-funded consortium controlled 9% of Hongkong Land's shares, while Jardine Matheson successfully dispersed 32% of Hongkong Land's shares among the group's subsidiaries through private placement, anti-takeover and other means.

After Li Ka-shing initiated the compulsory takeover, it coincided with the signing of the "South China Sea Declaration" between the Republic of China and Vietnam, and the news of the great victory in the South China Sea, the restoration of the Republic of China's homeland, Hong Kong stocks soared, and the market value of Hongkong Land swelled to HK$2.6 billion, making the funds used by the Chinese-funded consortium to further acquire Hongkong Land exceed HK$2 billion.

In order not to fall into a lose-lose situation, Li Ka-shing assessed the situation and decisively terminated the acquisition of Hongkong Land.

After the termination of the acquisition, in order to avoid the loss caused by the dilution of the shares in the hands of Jardine Matheson, the Chinese consortium and Jardine Matheson reached an agreement that Hongkong Land would repurchase the shares in the hands of the Chinese-funded consortium at the market price, and attached to the repurchase agreement that the Chinese-funded consortium such as Cheung Kong would not purchase the shares of any listed company in the Jardine Matheson family for seven years, except for symbolic shares.

It can be said that with the signing of this agreement, it has played an immeasurable role in the smooth withdrawal of Jardine Matheson enterprises from Hong Kong.

The dust has settled on the acquisition war, which was hailed by the Chinese-funded media as the "final blow to the British colonial economy", and the British-funded media proudly called this battle "the Waterloo of the Chinese-funded consortium".

In later generations, countless analysts speculated about the reason for Li Ka-shing's signing of the seven-year peace treaty with Jardine Matheson, but because the relevant personnel involved have been silent, this incident has become a famous unsolved case in Hong Kong's economic history in the 2O century.

At present, Li Ka-shing has only been sinking in the sand for a year, Liang Yuan has brought up the old matter, and it is reasonable for Qi Lianshan to be nervous as if he was facing a great enemy.

"Lao Qi, if there was no Li Ren to open the way in front of me, I really wouldn't have moved my mind to Hong Kong Land. Liang Yuan said with a smile.

"Let's start with Hongkong Land. Liang Yuan casually took out a large map of Hong Kong from the bag under his feet and spread it on the coffee table in front of him.

"In the past and in the future, Hong Kong's core industry has always been real estate, and the core area of Hong Kong real estate is in Central, and Hongkong Land currently owns more than 40% of the land in the core area of Central. Liang Yuan picked up the blue pen and quickly drew seven or eight circles in Central, and the buildings marked in the circles were all properties owned by Hongkong Land.

"In the late 70's and early 80's, Hongkong Land's annual rent income was more than US$600 million, and even now that Jardine Matheson has re-registered Bermuda, Hongkong Land's annual rent income is still over US$400 million. ”

"As long as Hongkong Land is acquired, the group will not have to worry about cash flow before the CM75 passenger plane takes to the skies. Liang Yuan poked heavily at the central position with a pen.